ED probes betting rings disguising ₹2,000 cr as AI investments
The Enforcement Directorate (ED) is digging into illegal betting rings in India that allegedly funneled over ₹2,000 crore to foreign countries.
The money was disguised as investments in tech companies, especially those claiming to work with AI.
One big name in the mix is Parimatch, a Cyprus-based betting site, in a case that reportedly saw more than ₹200 crore moved abroad by two Delhi-based companies pretending it was for business investments.
Shell companies routed funds, secretaries probed
According to an official, these syndicates set up Indian companies just before receiving illegal funds, then quickly transferred the money to newly created foreign firms.
Both sets of companies barely did any real business and often shut down soon after.
The ED is also looking into the role of several company secretaries, who allegedly assisted in such valuations, and is likely to apprise the Reserve Bank of India (RBI) of its findings.